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DETROIT (Reuters) - Ford Motor Co Chief Executive Alan Mulally has agreed to take a 30 percent salary cut for this year and next, the CEO and executive chairman Bill Ford said in a memo to employees on Tuesday.

Ford Motor Co. Chief Executive Officer Alan Mulally, presiding over his final annual meeting, said he has “no regrets” about his eight years leading the automaker’s turnaround and gave a vote of confidence to his successor.

Mark Fields will take the keys to a Ford Motor Co. that is lean, profitable and a far cry from the near-bankrupt carmaker taken over in 2006 by his predecessor, Alan Mulally.
Fields nonetheless has his job cut out for him. The new chief executive officer will have to follow a CEO lauded by investors for saving an iconic American company from failure, and will face the challenge of steering Ford into an era when cars may no longer need drivers.

(Reuters) - Microsoft Corp <MSFT.O> is closer to naming a new chief executive, according to a source familiar with the board's thinking, but it lost a front-runner candidate on Tuesday when Ford Motor Co's <F.N> chief, Alan Mulally, said he would not be going to the software giant.

Ford Motor Co. awarded Chief Executive Officer Alan Mulally $13.8 million in stock for the automaker’s performance last year when its profits grew in North America and sales picked up speed in China.
Ford also gave its top executive 613,747 stock options as part of an incentive plan for 2013, according to a filing yesterday with the U.S. Securities and Exchange Commission. Mulally is restricted from selling the 882,352 shares of stock until March 4, 2016. The options, with a strike price of $15.37, vest in thirds annually over the next three years.

Ford Motor Co. slumped the most since December 2011 after the automaker said the cost of bringing the most vehicles ever to market will lead to a decline in its pretax profit next year.
The shares fell more than 8 percent in New York and trading as low $15.31 for the biggest intraday decline since Dec. 8, 2011. Through yesterday’s close the stock had advanced 29 percent this year, outpacing a 25 percent gain for the Standard & Poor’s 500 Index.